Portland, OR, March 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global recycled textiles market was pegged at $5.6 billion in 2019 and is expected to hit $7.6 billion by 2027, registering a CAGR of 3.6% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Reduced CO2 emissions and water & energy consumption and rise in awareness amongst consumers and manufacturers fuel the growth of the global recycled textiles market. On the other hand, high processing cost and lower quality of recycled textile impede the growth to some extent. Nevertheless, technological advancements in recycling process are anticipated to pave the way for lucrative opportunities in the industry.
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Covid-19 scenario-
- Disruptions in international trade bans and worldwide lockdown affected the global recycled textiles market during the initial phase.
- Nevertheless, government bodies in different countries are coming up with relaxations on the existing dictums and the market is expected to recoup soon.
The global recycled textiles market is analyzed across type, end-user industry, and region. Based on type, the recycled polyester segment contributed to nearly half of the total market revenue in 2019, and is anticipated to rule the roost by 2027. At the same time, the recycled nylon segment would grow at the fastest CAGR of 4.0% during the forecast period.
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Based on end-user industry, the retail segment accounted for more than two-fifths of the total market share in 2019, and is projected to lead the trail by the end of 2027. The automotive segment, on the other hand, would portray the fastest CAGR of 5.7% from 2020 to 2027.
Based on region, Asia-Pacific held the major share in 2019, generating more than one-third of the global recycled textiles market. Simultaneously, the market across North America would manifest the fastest CAGR of 4.1% from 2020 to 2027. The report also analyzes the market across North America and Europe.
The key market players analyzed in the global recycled textiles market report include Chindi, Kishco Group, Leigh Fibers Inc., Anandi Enterprises, Khaloom, Usha Yarns Ltd., Hyosung TNC Co. Ltd., Martex Fiber, Otto Garne, and Renewcell AB. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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